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<\/p>\nJASON: Biden was talking the other day — as he proposes to bankrupt the country once and for all — about the Trump economy. Even though we had the greatest economic renaissance when I was in Congress working with the president to pass the Tax Cut and Jobs Act than we\u2019ve had in a generation, this is what Joe Biden had to say about it.<\/p>\n
BIDEN: Folks, trickle-down economy economics has never worked. For too long, we\u2019ve had an economy that gives every break in the world to the folks who need it least. It\u2019s time to grow the economy from the bottom up and the middle out.<\/p>\n
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JASON: Yes, and the only way to grow the economy from the bottom up and the middle out is to create jobs. We had a record, historically low unemployment rate before covid of 3.9%, historical in the African-American community, the black community. Female unemployment at a historic low. We had more jobs than people available to fill them. Median income was skyrocketing for the lowest quintiles. All of this, all of this was good.<\/p>\n
Repatriation of a trillion dollars for foreign profits coming back to America to invest. And then the Democrats\u2019 dream of covid as an excuse to destroy the economy, rewrite illegally election law in several states, and control your life like it\u2019s never been controlled. But Biden is lying because he\u2019s giving the tax breaks to the wealthy, not Trump. We took them away. I\u2019ll give you an example: The deduction for State And Local Taxes in high-tax states: Minnesota, California, Massachusetts, New York.<\/p>\n
The vast majority of SALT deduction goes to incomes over $200,000 a year. So what this means is if you live in New York and pay exorbitant taxes, you can deduct those on your federal income tax, which means it\u2019s an offset for you. But guess what? Everybody else in the country has to pay more in federal taxes to make up for the loss. Guess who\u2019s trying to put that SALT deduction back as a sop to the private equity managers on Wall Street?<\/p>\n
Joe Biden.<\/p>\n
How about the carried interest loophole? When people like Mitt Romney take other people\u2019s money, take a public company that\u2019s healthy private, hollow it out, destroy it — I\u2019ve witnessed this firsthand, by the way — and then they make money when they resell the company that\u2019s hollowed out for a big profit, they get taxed at capital gains rates.<\/p>\n